Posted: May 16, 2012 10:24 AM by Associated Press
NEW YORK (AP) - Shareholders of JPMorgan Chase & Co. have filed two lawsuits against the nation's biggest bank, accusing it and its leaders of taking excessive risk and causing a monumental $2 billion trading loss.
The company disclosed the loss last week, saying it resulted from a failed hedging strategy.
The lawsuits filed on Wednesday in New York claim JPMorgan changed its risk model without telling investors. They say the shift led to the losses and claim company leaders misled investors.
One suit was filed by California shareholder James Baker. A second was filed by shareholder Arizona-based Saratoga Advantage Trust's financial services portfolio.
JPMorgan Chase declined to comment.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties